Vintage 1967 Marx toys Marvel the Mustang Ride On Galloping Horse. You are looking at a vintage Marx ride on horse. The issues I found are the wood handle through the back of the ears. It looks like a replacement.
There is a screw on both sides to hold it in. That has caused a little damage around the hole.I don't believe the yellow rope is original. It is securely in place. The back of the saddle has a crack. It goes down and gives a little forward movement on the way back up.
The head is a little darker than the body. The pictures should show details and condition.